Profound Medical (NASDAQ:PROF) Shares Down 1.6% – Time to Sell?

Shares of Profound Medical (NASDAQ:PROF) traded down 1.6% on Friday . The company traded as low as $6.82 and last traded at $6.85. 18,183 shares were traded during trading, a decline of 85% from the average session volume of 117,764 shares. The stock had previously closed at $6.96.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Raymond James Financial raised Profound Medical from an “outperform” rating to a “strong-buy” rating and set a $11.00 price target on the stock in a report on Monday, July 27th. Weiss Ratings downgraded shares of Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.50.

Profound Medical Price Performance

The stock has a market capitalization of $248.93 million, a PE ratio of -6.99 and a beta of 0.73. The company has a 50 day moving average price of $7.04 and a 200-day moving average price of $6.74.

Profound Medical (NASDAQ:PROF) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). The business had revenue of $2.48 million during the quarter, compared to analysts’ expectations of $4.75 million. Profound Medical had a negative return on equity of 63.03% and a negative net margin of 171.57%. As a group, equities analysts anticipate that Profound Medical will post -0.81 earnings per share for the current year.

Institutional Investors Weigh In On Profound Medical

Several institutional investors and hedge funds have recently modified their holdings of the stock. Penbrook Management LLC bought a new position in Profound Medical in the first quarter worth about $80,000. Concurrent Investment Advisors LLC purchased a new position in shares of Profound Medical during the 2nd quarter worth approximately $144,000. Goldman Sachs Group Inc. grew its holdings in shares of Profound Medical by 56.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 18,727 shares of the company’s stock worth $147,000 after acquiring an additional 6,787 shares during the period. HB Wealth Management LLC bought a new position in shares of Profound Medical in the 1st quarter worth approximately $194,000. Finally, Corsair Capital Management L.P. bought a new position in shares of Profound Medical in the 4th quarter worth approximately $208,000. 47.86% of the stock is owned by hedge funds and other institutional investors.

Profound Medical Company Profile

Profound Medical Corp is a medical technology company headquartered in Toronto, Canada, that specializes in the development and commercialization of minimally invasive therapeutic solutions using magnetic resonance–guided ultrasound ablation. The company’s proprietary platform delivers focused ultrasound energy to targeted tissue under real-time MR imaging, offering a non-incisional alternative to traditional surgical approaches.

The company’s lead product, the TULSA-PRO system, is designed for the treatment of prostate conditions, including localized prostate cancer and benign prostatic hyperplasia.